HAP vs. COLO

Last updated Jun 4, 2026

HAP (VanEck Natural Resources ETF) and COLO (Global X MSCI Colombia ETF) are both exchange-traded funds - HAP is a Energy Equities fund tracking the MarketVector Global Natural Resources Index, while COLO is a Latin America Equities fund tracking the MSCI All Colombia Select 25/50 Index. Both are passively managed. Over the past 10 years, HAP returned 11.99%/yr vs 6.37%/yr for COLO. A 0.58 correlation means they provide meaningful diversification when combined. HAP charges 0.42%/yr vs 0.62%/yr for COLO.

Performance

HAP vs. COLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Natural Resources ETF (HAP) and Global X MSCI Colombia ETF (COLO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HAP achieves a 21.49% return, which is significantly higher than COLO's 14.14% return. Over the past 10 years, HAP has outperformed COLO with an annualized return of 11.99%, while COLO has yielded a comparatively lower 6.37% annualized return.

HAP

• 1D: -0.36%
• 1M: 0.64%
• YTD: 21.49%
• 6M: 23.70%
• 1Y: 46.66%
• 3Y*: 18.93%
• 5Y*: 11.51%
• 10Y*: 11.99%

COLO

• 1D: -2.42%
• 1M: 8.62%
• YTD: 14.14%
• 6M: 13.91%
• 1Y: 48.73%
• 3Y*: 34.47%
• 5Y*: 14.34%
• 10Y*: 6.37%

*Multi-year figures are annualized to reflect compound growth (CAGR)

HAP vs. COLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HAP VanEck Natural Resources ETF	21.49%	34.91%	-4.08%	2.46%	7.84%	25.04%	6.30%	18.60%	-10.68%	17.12%
COLO Global X MSCI Colombia ETF	14.14%	68.88%	4.68%	24.92%	-21.32%	-11.50%	-14.60%	30.42%	-19.88%	11.88%

Correlation

The correlation between HAP and COLO is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Feb 10, 2009	0.58

The correlation between HAP and COLO shifts across timeframes, from 0.41 (1 year) to 0.58 (all time), reflecting how their relationship changes across market environments.

HAP vs. COLO - Sectors Allocation Comparison

Sectors	HAP	COLO
Basic Materials	36.7%	18.4%
Energy	32.3%	17.3%
Industrials	10.2%	2.4%
Utilities	9.8%	17.7%
Consumer Defensive	6.5%	-
Healthcare	2.8%	-
Technology	0.9%	-
Real Estate	0.4%	-
Consumer Cyclical	0.2%	1.5%
Communication Services	-	3.4%
Financial Services	-	39.3%

Return for Risk

HAP vs. COLO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HAP

HAP Risk / Return Rank: 89
HAP Sharpe Ratio Rank: 90
HAP Sortino Ratio Rank: 87
HAP Omega Ratio Rank: 88
HAP Calmar Ratio Rank: 90
HAP Martin Ratio Rank: 92

COLO

COLO Risk / Return Rank: 60
COLO Sharpe Ratio Rank: 67
COLO Sortino Ratio Rank: 66
COLO Omega Ratio Rank: 64
COLO Calmar Ratio Rank: 56
COLO Martin Ratio Rank: 45

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HAP vs. COLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Natural Resources ETF (HAP) and Global X MSCI Colombia ETF (COLO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	HAP	COLO	Difference
Sharpe ratio Return per unit of total volatility	3.14	2.21	+0.94
Sortino ratio Return per unit of downside risk	4.01	3.02	+0.99
Omega ratio Gain probability vs. loss probability	1.56	1.39	+0.18
Calmar ratio Return relative to maximum drawdown	5.65	2.75	+2.89
Martin ratio Return relative to average drawdown	23.05	7.53	+15.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HAP vs. COLO - Sharpe Ratio Comparison

The current HAP Sharpe Ratio is 3.14, which is higher than the COLO Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of HAP and COLO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HAP	COLO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.14	2.21	+0.94
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.62	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.25	+0.36
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.22	+0.04

Drawdowns

HAP vs. COLO - Drawdown Comparison

The maximum HAP drawdown since its inception was -50.73%, smaller than the maximum COLO drawdown of -78.91%. Use the drawdown chart below to compare losses from any high point for HAP and COLO.

Drawdown Indicators

	HAP	COLO	Difference
Max Drawdown Largest peak-to-trough decline	-50.73%	-78.91%	+28.18%
Max Drawdown (1Y) Largest decline over 1 year	-8.31%	-17.79%	+9.48%
Max Drawdown (3Y) Largest decline over 3 years	-16.92%	-18.35%	+1.43%
Max Drawdown (5Y) Largest decline over 5 years	-25.66%	-43.86%	+18.20%
Max Drawdown (10Y) Largest decline over 10 years	-44.07%	-62.75%	+18.68%
Current Drawdown Current decline from peak	-1.95%	-22.51%	+20.56%
Average Drawdown Average peak-to-trough decline	-12.03%	-40.32%	+28.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.03%	6.49%	-4.46%

Volatility

HAP vs. COLO - Volatility Comparison

The current volatility for VanEck Natural Resources ETF (HAP) is 4.37%, while Global X MSCI Colombia ETF (COLO) has a volatility of 10.70%. This indicates that HAP experiences smaller price fluctuations and is considered to be less risky than COLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HAP	COLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.37%	10.70%	-6.33%
Volatility (6M) Calculated over the trailing 6-month period	12.24%	19.42%	-7.18%
Volatility (1Y) Calculated over the trailing 1-year period	14.91%	22.28%	-7.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.24%	23.21%	-4.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.74%	25.44%	-5.70%

HAP vs. COLO - Expense Ratio Comparison

HAP has a 0.42% expense ratio, which is lower than COLO's 0.62% expense ratio.

Dividends

HAP vs. COLO - Dividend Comparison

HAP's dividend yield for the trailing twelve months is around 1.87%, less than COLO's 6.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
COLO Global X MSCI Colombia ETF	6.58%	7.51%	6.08%	6.99%	12.55%	2.32%	3.23%	3.04%	3.03%	1.83%	1.48%	1.58%
HAP VanEck Natural Resources ETF	1.87%	2.27%	2.65%	3.27%	3.28%	2.16%	2.45%	2.80%	2.85%	2.02%	1.99%	3.00%

Frequently Asked Questions

Can I hold both HAP and COLO in my portfolio?

HAP and COLO have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HAP or COLO?

COLO has higher volatility (10.70%) compared to HAP (4.37%). In terms of maximum drawdown, HAP dropped -50.73% vs COLO's -78.91%.

Which ETF is better, HAP or COLO?

On 10-year performance, HAP leads with 11.99% vs 6.37% for COLO. On fees, HAP is cheaper at 0.42% per year. On volatility, HAP has been the lower-risk option at 4.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HAP or COLO?

Over the 10-year period, HAP has performed better with a 11.99% return vs 6.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HAP or COLO?

HAP is cheaper with a 0.42% expense ratio, compared with 0.62% for COLO.

Which ETF pays a higher dividend yield, HAP or COLO?

COLO has the higher dividend yield at 6.58%, compared with 1.87% for HAP.

What is the main difference between HAP and COLO?

HAP is categorized as Energy Equities, while COLO is Latin America Equities. HAP tracks MarketVector Global Natural Resources Index, while COLO tracks MSCI All Colombia Select 25/50 Index. They also come from different issuers: VanEck and Global X. Their fees differ too: 0.42% for HAP and 0.62% for COLO.

Which has better risk-adjusted returns?

HAP currently has the higher Sharpe Ratio (3.14 vs 2.21), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.